A man stands in front of an advertisement for Yes Bank Ltd. in Mumbai (Photographer: Dhiraj Singh/Bloomberg)

Yes Bank Appoints Former IRDAI Chief Vijayan As Additional Director

Yes Bank Ltd. on Monday announced appointment of TS Vijayan, former chairman of the Insurance Regulatory and Development Authority of India, as an additional director for five years with immediate effect.

The private sector lender is grappling with governance as well as non-performing asset issues and has seen resignations of three independent directors, including Chairman Ashok Chawla, in the recent past.

We would like to inform that the board of directors of the bank on Dec. 3, 2018, have approved the appointment of TS Vijayan as an additional director (independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years...
Yes Bank filing

Apart from being the chairman of IRDAI, Vijayan has also held senior positions in various capacities at the Life Insurance Corporation of India and became its chairman in 2006. Yes Bank further said the appointment of Vijayan will be subject to approval of shareholders at the next general meeting of the bank.

Shares of the bank closed at Rs 178 apiece on the BSE, up 4.92 percent.

Also read: ICRA Joins Moody’s In Downgrading Yes Bank On Corporate Governance Concerns